Minnesota is now getting ready to release this early view of what is to come in the market next year.
The Minnesota Commerce Department is currently getting ready to release an early snapshot of what can be expected from the health care reforms in the state for next year, which will include the insurance premiums.
This snapshot is designed to reveal the prices that will be seen on MNsure, the state insurance exchange.
The data that this health care reform snapshot will provide will offer consumers in Minnesota an idea of how much their insurance policies are going to cost next year. It will also give them the ability to understand the way in which the insurance rates in that state will compare to those across the rest of the country. Moreover, it will show them whether or not there will be any new health plan options that will become available through the MNsure exchange.
The health care reform snapshot for 2015 is expected to be released later on today, says Anne O-Connor, a spokesperson.
It is expected that many of the people who purchased private insurance policies for 2014 will be spending more for their coverage next year because of some shifting in the companies that are offering plans in next year’s exchange. The cheapest and largest carrier that had been selling for this year’s coverage, PreferredOne, suddenly withdrew from MNsure earlier in September. This leaves HealthPartners, Blue Cross and blue Shield of Minnesota, UCare, and Medica on the exchange.
The health plans being sold by PreferredOne under their aggressive pricing structure during the first year of MNsure were part of the reason that the exchange had some of the lowest premiums that could be found anywhere in the United States. However, the insurer has since decided that this pricing strategy is not sustainable and has stepped out of the marketplace entirely.
Jenni Bowring-McDonough, a spokesperson for MNsure reminded consumers that while they will be able to obtain an idea of what the premiums will be next year, it should be kept in mind that those who qualify for the subsidies through the health care reform won’t know what their costs will be until November 15, when open enrollment starts.